Journal ArticleDOI
Economic Insights from Internet Auctions
Patrick Bajari,Ali Hortacsu +1 more
TLDR
A survey of recent studies of internet auctions can be found in this article, where several methods have been proposed to quantify the distortions caused by asymmetric information in these markets, most notably due to the winner's curse.Abstract:
This paper surveys recent studies of internet auctions. Four main areas of research are summarized. First, we survey several studies that document and attempt to explain the frequently observed sniping, or last-second bidding behavior, in these auctions. Second, we summarize several methods proposed to quantify the distortions caused by asymmetric information in these markets, most notably due to the winner's curse. Third, we explore research about the role of reputation mechanisms installed to help combat these distortions. Finally, we discuss what internet auctions have to teach us about auction design.read more
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Opinion Mining and Sentiment Analysis
Bo Pang,Lillian Lee +1 more
TL;DR: This survey covers techniques and approaches that promise to directly enable opinion-oriented information-seeking systems and focuses on methods that seek to address the new challenges raised by sentiment-aware applications, as compared to those that are already present in more traditional fact-based analysis.
Journal ArticleDOI
To Explain or to Predict
TL;DR: The distinction between explanatory and predictive models is discussed in this paper, and the practical implications of the distinction to each step in the model- ing process are discussed as well as a discussion of the differences that arise in the process of modeling for an explanatory ver- sus a predictive goal.
Journal ArticleDOI
To Explain or to Predict
TL;DR: The purpose of this article is to clarify the distinction between explanatory and predictive modeling, to discuss its sources, and to reveal the practical implications of the distinction to each step in the modeling process.
Journal ArticleDOI
The value of reputation on eBay: A controlled experiment
TL;DR: The authors conducted the first randomized controlled field experiment of an Internet reputation mechanism and found that the difference in buyers' willingness-to-pay was 8.1% of the selling price between eBay sellers with and without negative feedback.
Predictive Analytics in Information Systems Research
Galit Shmueli,Otto Koppius +1 more
TL;DR: To show that predictive analytics and explanatory statistical modeling are fundamentally disparate, it is shown that they are different in each step of the modeling process and these differences translate into different final models, so that a pure explanatory statistical model is best tuned for testing causal hypotheses and a pure predictive models is best in terms of predictive power.
References
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Journal ArticleDOI
Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition
TL;DR: In this article, a theory of hedonic prices is formulated as a problem in the economics of spatial equilibrium in which the entire set of implicit prices guides both consumer and producer locational decisions in characteristics space.
Journal ArticleDOI
Optimal Auction Design
TL;DR: Optimal auctions are derived for a wide class of auction design problems when the seller has imperfect information about how much the buyers might be willing to pay for the object.
Journal ArticleDOI
A theory of auctions and competitive bidding
Paul Milgrom,Robert J. Weber +1 more
TL;DR: In this article, a new general auction model was proposed, and the properties of affiliated random variables were investigated, and various theorems were presented in Section 4-8 and Section 9.
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